Exela Technologies Announces Issuance of Patent to Streamline Document Scanning Technology
April 30 2020 - 8:00AM
Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA), a
location-agnostic global business process automation (BPA) leader
across numerous industries, today announced that the United States
Patent and Trademark Office (USPTO) has issued patent 10652413 to
Exela regarding an innovative approach to document processing. The
patent introduces a new solution to automatically separate
documents during scanning and processing by placing a unique
indicator on pages where separation is needed, rather than using a
traditional page separator. The solution is an essential part of
Exela’s Digital Mailroom (DMR) platform, which helps organizations
extend remote working capabilities, maintain operational continuity
and minimize the legal risk of lost mail.
The patent serves as part of Exela’s mission to drive automation
through proprietary classification technologies, taking in
high-volume, omni-channel inbound information and turning it into
structured data. Benefits of the patent include eliminating
presorting and document separators thereby driving down labor,
scanning and consumable paper costs.
“The patent introduces another level of automated document
separation and classification to a number of our digital
transformation solutions, and is of particular relevance during the
ongoing COVID-19 pandemic where we have seen a spike in demand for
our solutions, especially DMR,” said Mark Fairchild, President,
Exela Smart Office.
The patented technology complements Exela’s OpenBox platform,
which serves as an end-to-end capture solution and is a key
component of DMR. When used with OpenBox's AI-based classification
technology, users will experience higher rates of automated
document separation and classification as well as data extraction
and indexing, serving to reduce manual keying and lower overall
operational costs. Exela’s DMR platform is part of Exela’s Smart
Office, which offers robotic process automation, security and
governance, unified across a digital format.
The law firm of Seyfarth Shaw LLP is acting as Exela’s patent
counsel.
About Exela TechnologiesExela is a business
process automation (BPA) leader, leveraging a global footprint and
proprietary technology to provide digital transformation solutions
enhancing quality, productivity, and end-user experience. With
decades of experience operating mission-critical processes, Exela
serves a growing roster of more than 4,000 customers throughout 50
countries, including over 60% of the Fortune® 100. With
foundational technologies spanning information management, workflow
automation, and integrated communications, Exela’s software and
services include multi-industry department solution suites
addressing finance and accounting, human capital management, and
legal management, as well as industry-specific solutions for
banking, healthcare, insurance, and public sectors. Through
cloud-enabled platforms, built on a configurable stack of
automation modules, and over 22,000 employees operating in 23
countries, Exela rapidly deploys integrated technology and
operations as an end-to-end digital journey partner.
Forward-Looking Statements: Certain
statements included in this press release are not historical facts
but are forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are accompanied by words
such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”,
“believe”, “estimate”, “predict”, “potential”, “seem”, “seek”,
“continue”, “future”, “will”, “expect”, “outlook” or other similar
words, phrases or expressions. These forward-looking statements
include statements regarding our industry, future events, the
estimated or anticipated future results and benefits of the
Business Combination, future opportunities for the combined
company, and other statements that are not historical facts. These
statements are based on the current expectations of Exela
management and are not predictions of actual performance. These
statements are subject to a number of risks and uncertainties,
including without limitation those discussed under the heading
“Risk Factors” in Exela’s most recently filed Annual Report on
Form-10-K filed with the Securities and Exchange Commission. In
addition, forward-looking statements provide Exela’s expectations,
plans or forecasts of future events and views as of the date of
this communication. Exela anticipates that subsequent events and
developments will cause Exela’s assessments to change. These
forward-looking statements should not be relied upon as
representing Exela’s assessments as of any date subsequent to the
date of this press release.
Find out more at www.exelatech.com.Follow Exela on
LinkedIn: https://www.linkedin.com/company/exela-technologies/Follow
Exela on Twitter: https://twitter.com/exelatech
Media Contact: Kevin McLaughlin
E: kevin.mclaughlin@icrinc.comT:
646-277-1234
Investor Contact: William Maina
E: IR@exelatech.comT:
646-277-1236
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